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- Penumbra Inc PEN reported Q2 sales of $184.3 million, an increase of 75.3% Y/Y, or 72.7% on a constant currency basis, beating the consensus of $170.76 million.
- Revenue from sales of vascular products grew to $100.7 million, +117.6%, or 115.8% on a constant currency basis.
- Revenue from sales of neuro products increased to $83.6 million +42.0% or 38.8% on a constant currency basis.
- The gross margin improved to 64.4%, up from 61.8% a year ago.
- Penumbra posted an operating income of $10.3 million compared to an operating loss of $17.6 million in Q2 FY20.
- The Company posted an adjusted EPS of $0.21, surpassing the estimate of $0.17, and a turnaround from an EPS loss of $(0.30).
- FY21 Guidance: Penumbra increased its sales guidance to $720 million - $730 million, compared to $695 million - $705 million, expected previously.
- BTIG maintained a Buy rating on Penumbra and raised the price target to $308.
- Price Action: PEN shares closed at $258.39 on Tuesday.
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